The contract includes the continuation of administration and recordkeeping of BP America’s defined benefit (DB), defined contribution (DC), and nonqualified deferred compensation plans for U.S. employees. BP America has 48,000 DC and 95,000 DB participants. As of October 31, 2010, BP’s DC assets totaled more than $7 billion.
According to a Fidelity news release, it began providing administrative services for BP America’s DC plan in 1998 and its DB plan in 1999. The renewal extends Fidelity and BP America’s relationship to 2015.
“BP’s employees and retirees are very informed and engaged with their retirement planning process. We are thrilled to be extending our relationship to continue to provide them the education and tools to help them make the best decisions for their retirement goals,” said Jeffrey Lagarce, executive vice president, Workplace Investing, Fidelity Investments, in the announcement.BP America participants have access to a single view of their retirement accounts as well as planning tools through Fidelity’s NetBenefits Web site.